Last summer, Solana (SOL) was considered one of the most promising altcoins in the blockchain ecosystem. After a bullish rally, its price had reached $250. Unfortunately, this beautiful story quickly came to an end. Not only has the fall of bitcoin (BTC) driven the price of Solana (SOL) down, but the successive stops are damaging its reputation. If Solana’s partnership with Alchemy shows that this network is still holding big plans, the technical difficulties of the blockchain are a source of questioning. Should Solana be seen as one of the most important networks in the cryptosphere? Or has its heyday passed?
- Repeated problems with the Solana blockchain
- The contribution of Alchemy
- A paradoxical place in the blockchain ecosystem
Repeated failures of Solana (SOL), the Ethereum killer
The more the months pass, the more the taunts fall on the Solana network. Since the first shutdown last September, which lasted several hours, the problems have been repeated on a regular basis. The latest took place on Wednesday, June 01 for several hours. A synchronization problem between the validators made it impossible to correctly validate the blocks.
Network congestion problems are also regularly encountered, particularly during mints expected. The problems are so frequent that exchanges like Binance do not hesitate to suspend withdrawals to Solana. The Solana labs teams then replied that: “The Solana network is currently experiencing a degradation in performance due to an increase in transactions with complex calculations, which reduces the network’s ability to [seulement] several thousand transactions per second. This will cause some transactions to fail for users”. The Solana blockchain is currently in beta. We must therefore expect future updates without knowing the dates of this one yet.
Commit Operators successfully rebooted Mainnet Beta’s cluster at 21:00 UTC, after an outage of about 4.5 hours after the network failed to reach consensus. Network operators and dapps will continue to restore customer services over the next few hours.
— Solana Status (@SolanaStatus) June 1, 2022
Alchemy, an indispensable infrastructure of blockchain technology
However, the Solana network has not lost the confidence of the infrastructures. Latest, Alchemy now offers its services to developers who want to use the Solana network. Alchemy is a service provider that is comparable to what AWS offers on the web. For now, Alchemy had mostly focused on the Ethereum network. Thus, famous applications like Aave or OpenSea use Alchemy’s services. By turning to Solana, Alchemy will facilitate the work of the developers of this network. The team of wallet Phantom has already expressed his excitement about this arrival.
In fact, Alchemy offers solutions to simplify the connection of applications to the blockchain. It requires the application to retrieve data or send transactions through network nodes. These communications are done through a module called RPC (remote procedure call) period. To make this communication, applications have the choice between either hosting their own node or turning to a company that provides nodes. By offering its node service and deploying its period on the Solana network, Alchemy will thus be able to facilitate the work of the applications.
Solana’s paradoxical reputation in the cryptosphere
As we can see, the Solana blockchain is in an ambiguous position. On the one hand, she is mocked by her repeated stops, which is a shame for the blockchain which bet everything on its speed. On the other hand, it still has great supporters working for its development. This ambiguity is also found on the user side. If some criticize it for its lack of interoperability and are only waiting for a new problem to have the pleasure of criticism, others remain faithful to this network. It cannot be denied that the applications deployed there are often of high quality. It is gradually becoming a flagship blockchain in gaming.
Solana (SOL): A central blockchain in the NFT market
But it is above all the NFTs that have made Solana successful. In a few months, Solana became the second blockchain in this sector after Ethereum. For several weeks, the famous market of NFT OpenSea has integrated Solana into its application. The largest collections do not have as large a capitalization as those on Ethereum. However, they often benefit from a very close-knit and expert community in this market. It is undoubtedly on this blockchain that the DAOs are the most dynamic. We can hope that these supports will allow Solana to get out of this troubled period the time of its long-awaited updates.
Ethereum killer an aura lost sound. His numerous stops gradually damaged his reputation. And indeed any user of the network can hardly deny the problems of congestion or stoppages. But that does not mean the end of this network. Among its supporters, Alchemy will help applications by offering a node service. Beyond this technical assistance, Solana can also count on its community. This maintains faith in a network that has become central in the fields of gaming and NFTs. Given the number of applications on the network, its death is certainly not for tomorrow.
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Founded by Marc-Antoine CAEN POLETTI in 2021, Alt Write SEO is a content writing agency specializing in cryptocurrency, blockchain and NFTs. It finds its roots in 2016 with the French Cryptocurrency Club, of which Marc-Antoine is the current president. Our mission is to support French-speaking crypto companies to make France the first crypto nation in the world.